Cloud Spending Soars As Genai Drives Up Costs
Techstrong.ai, Thursday, October 3rd, 2024
Cloud expenditures have surged by 30% year-over-year, driven primarily by the rapid adoption of generative AI (GenAI) and other AI technologies.
As a result, nearly three quarters (72%) of IT and financial leaders report that these skyrocketing costs are becoming unsustainable, according to a study of 500 IT and finance professionals by Vanson Bourne, commissioned by Tangoe.
The survey results indicate managing private cloud expenses is becoming increasingly complex, with 80% of respondents finding it more challenging than public cloud management.
Despite this, 95% of organizations plan to repatriate some resources from public to private clouds in the near future.